The Tender Offers are being made on the terms and are subject to the conditions described in the Offer to Purchase and the related Letter of Transmittal, each datedFebruary 1, 2018, as amended on February 8, 2018.

The 2019 Notes Tender Offer will expire at 11:59 p.m., New York City time, on March 1, 2018, unless extended by CSN Resources (such time and date, as it may be extended, the "2019 Notes Expiration Date"). As of 5:00 p.m., New York City time, on February 14, 2018 (the "2019 Notes Early Tender Date"), according to D.F. King & Co., Inc., the tender agent and information agent (the "Tender Agent and Information Agent") for the Tender Offers, tenders were received (and not validly withdrawn) from holders of 2019 Notes representing approximately U.S.$202.8 million in aggregate principal amount of 2019 Notes. Subject to the terms and conditions of the 2019 Notes Tender Offer, holders who validly tendered their 2019 Notes at or prior to the 2019 Notes Early Tender Date are eligible to receive U.S.$1,000 for each U.S.$1,000principal amount of 2019 Notes validly tendered (and not validly withdrawn), which includes an early tender payment equal to U.S.$30, plus accrued interest. Holders of 2019 Notes who validly tender 2019 Notes after the 2019 Notes Early Tender Date but at or prior to the 2019 Notes Expiration Date and whose 2019 Notes are accepted for purchase will be entitled to receive, for each U.S.$1,000principal amount of 2019 Notes accepted for purchase, U.S.$970, plus accrued interest.

Pursuant to the terms of the 2019 Notes Tender Offer, CSN Resources has elected to accept for purchase all 2019 Notes validly tendered at or prior to the 2019 Notes Early Tender Date and will pay for such early tendered 2019 Notes on February 15, 2018 (the "2019 Notes Initial Settlement Date").

Subject to the 2019 Notes Maximum Tender Amount, payment for 2019 Notes validly tendered after the 2019 Notes Early Tender Date but at or prior to the 2019 Notes Expiration Date is expected to be made within three business days following the 2019 Notes Expiration Date or as promptly as practicable thereafter. Such tendered 2019 Notes may be subject to proration if the aggregate principal amount of 2019 Notes validly tendered after the 2019 Notes Early Tender Date but at or prior to the 2019 Notes Expiration Date (and not validly withdrawn) exceeds the 2019 Notes Maximum Tender Amount.

The 2020 Notes Tender Offer will expire at 11:59 p.m., New York City time, on March 1, 2018, unless extended by CSN Resources (such time and date, as it may be extended, the "2020 Notes Expiration Date"). As of 5:00 p.m., New York City time, on February 14, 2018 (the "2020 Notes Early Tender Date"), according to the Tender Agent and Information Agent, tenders were received (and not validly withdrawn) from holders of 2020 Notes representing approximately U.S.$512.7 million in aggregate principal amount of 2020 Notes. Subject to the terms and conditions of the 2020 Notes Tender Offer, including the 2020 Notes Maximum Tender Amount, holders who validly tendered their 2020 Notes at or prior to the 2020 Notes Early Tender Date and whose 2020 Notes are accepted for purchase are eligible to receive U.S.$1,000 for each U.S.$1,000principal amount of 2020 Notes validly tendered (and not validly withdrawn), which includes an early tender payment equal to U.S.$30, plus accrued interest. Holders of 2020 Notes who validly tender 2020 Notes after the 2020 Notes Early Tender Date but at or prior to the 2020 Notes Expiration Date and whose 2020 Notes are accepted for purchase will be entitled to receive, for each U.S.$1,000principal amount of 2020 Notes accepted for purchase, U.S.$970.

Subject to the 2020 Notes Maximum Tender Amount, CSN Resources intends to accept for purchase on a date that is expected to be within three business days following the 2020 Notes Expiration Date or as promptly as practicable thereafter all 2020 Notes validly tendered at or prior to the 2020 Notes Expiration Date (and not validly withdrawn prior to the 2020 Notes Early Tender Date). In such case, holders of 2020 Notes who validly tender their 2020 Notes at or prior to the 2020 Notes Expiration Date may be subject to proration (as described in the Offer to Purchase) if the aggregate principal amount of 2020 Notes validly tendered as of the 2020 Notes Expiration Date (and not validly withdrawn prior to the 2020 Notes Early Tender Date) exceeds the 2020 Notes Maximum Tender Amount. There is no "early settlement date" with respect to the 2020 Notes regardless of whether such 2020 Notes were tendered at or prior to the 2020 Notes Early Tender Date.

Withdrawal rights with respect to each of the Tender Offers expired at 5:00 p.m., New York City time, on February 14, 2018. Accordingly, Notes tendered (in the past or the future) in the Tender Offers may no longer be withdrawn, except if required by applicable law.

CSN Resources reserves the absolute right to amend or terminate either or both Tender Offers in its sole discretion, subject to disclosure and other requirements as required by applicable law. In the event of termination of a Tender Offer, any applicable Notes tendered and not accepted for purchase pursuant to the applicable Tender Offer will be promptly returned to the tendering holders. CSN Resources is making the Tender Offers only in those jurisdictions where it is legal to do so.

None of CSN, CSN Resources, CSN Islands XI Corp., the Dealer Managers, the Tender and Information Agent, the trustee for the 2019 Notes or the trustee for the 2020 Notes, or any of their respective affiliates, is making any recommendation as to whether holders should or should not tender any Notes in response to the Tender Offers or expressing any opinion as to whether the terms of the Tender Offers are fair to any holder. Holders must make their own decision as to whether to tender any of their Notes and, if so, the principal amount of Notes to tender. Please refer to the Offer to Purchase for a description of the offer terms, conditions, disclaimers and other information applicable to each Tender Offer.

This press release is for informational purposes only and does not constitute an offer to purchase or the solicitation of an offer to sell any securities. Each Tender Offer is being made solely by means of the Offer to Purchase and the related Letter of Transmittal. The Tender Offers are not being made to holders of Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In those jurisdictions where the securities, blue sky or other laws require any tender offer to be made by a licensed broker or dealer, the Tender Offers will be deemed to be made on behalf of CSN Resources by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction.

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the United States Securities Exchange Act of 1934, as amended, including those related to the Tender Offers. Forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ from those expressed in any forward-looking statements.